{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{5}{c}}
\toprule
                &\multicolumn{4}{c}{Updating}           &\multicolumn{1}{c}{Posterior}\\\cmidrule(lr){2-5}\cmidrule(lr){6-6}
                &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}\\
\midrule
                &         &         &         &         &         \\
Shock           &0.342\sym{***}&0.436\sym{***}&0.229\sym{**}&0.216\sym{**}&         \\
                &  (0.064)&  (0.087)&  (0.105)&  (0.110)&         \\
                &         &         &         &         &         \\
Shock $\times$  &         &-0.164\sym{*}&         &         &         \\
Confident       &         &  (0.095)&         &         &         \\
                &         &         &         &         &         \\
Shock $\times$  &         &         &0.218\sym{*}&         &         \\
T15             &         &         &  (0.131)&         &         \\
                &         &         &         &         &         \\
Shock $\times$  &         &         &    0.117&         &         \\
T30             &         &         &  (0.121)&         &         \\
                &         &         &         &         &         \\
Shock $\times$  &         &         &         &-0.257\sym{**}&         \\
TAnchor         &         &         &         &  (0.115)&         \\
                &         &         &         &         &         \\
Signal 5\%      &         &         &         &         &-12.513\sym{***}\\
                &         &         &         &         &  (3.451)\\
                &         &         &         &         &         \\
Signal 5\% $\times$&         &         &         &         &   -0.683\\
No prior        &         &         &         &         &  (5.005)\\
                &         &         &         &         &         \\
No prior        &         &         &         &         &    3.631\\
                &         &         &         &         &  (3.421)\\
                &         &         &         &         &         \\
Prior           &-0.135\sym{***}&-0.159\sym{**}&-0.135\sym{***}&-0.141\sym{***}&         \\
                &  (0.038)&  (0.067)&  (0.038)&  (0.047)&         \\
                &         &         &         &         &         \\
Observations    &      499&      499&      499&      298&      402\\
                &         &         &         &         &         \\
Sample          &   T5,T15&  T5,T15,&  T5,T15,&      T5,&  T5,T5b,\\
                & T30,TA,C& T30,TA,C& T30,TA,C&     TA,C&     C,Cb\\
\bottomrule
\end{tabular}
}
